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By Business Insider Sep.8 2016
The most expensive housing markets in America are primarily packed into one state: California.
The Golden State dominates Coldwell Banker's annual Home Listing Report, which ranks the most expensive places to purchase homes in America, claiming every spot in the top 10 and 18 total out of the top 25.
To determine the most expensive cities, Coldwell Banker analyzed the average listing price of more than 50,000 four-bedroom, two-bathroom homes for the period between January 2016 and June 2016. The ranking covered 2,168 markets across the US, excluding any with fewer than 10 listings.
So what makes California so desirable?
"It all goes back to the old adage in real estate about location, location, location," Charlie Young, CEO of Coldwell Banker, told Business Insider. "In California, you've got a confluence of an amazing climate, strong economy with high-paying jobs, and a tech sector attracting a competitive environment."
Looking even deeper, six cities within the top 10 can be found inside Silicon Valley, which makes sense given the multitude of growing tech companies that are paying top dollar to attract new employees ― and homebuyers ― to the area.
"In Silicon Valley, you’ve got Apple, you’ve got Google, you’ve got Facebook. You’ve got the big players in the new tech economy," Young said. "For the foreseeable future, they’re there, and that’s going to drive those markets."
And at the end of the day, "you can’t discount the fact that it’s California," Young noted. It's always been an aspirational place to live ― and that isn't likely to change any time soon.
Read on to check see which cities make up the 25 most expensive housing markets in America, where the average listing price is at least $1 million.
25. Walnut Creek, California
Population: 68,910
Average cost of a 4-bedroom, 2-bathroom house: $1,004,900
Median household income: $80,399
24. San Jose, California
Population: 1,026,908
Average cost of a 4-bedroom, 2-bathroom house: $1,011,871
Median household income: $83,787
23. Concord, Massachusetts
Population: 19,830
Average cost of a 4-bedroom, 2-bathroom house: $1,040,290
Median household income: $132,385
22. Cambridge, Massachusetts
Population: 110,402
Average cost of a 4-bedroom, 2-bathroom house: $1,057,120
Median household income: $75,909
21. Calabasas, California
Population: 24,319
Average cost of a 4-bedroom, 2-bathroom house: $1,066,783
Median household income: $117,176
20. Bellevue, Washington
Population: 139,820
Average cost of a 4-bedroom, 2-bathroom house: $1,078,976
Median household income: $92,524
19. Pasadena, California
Population: 142,250
Average cost of a 4-bedroom, 2-bathroom house: $1,082,091
Median household income: $70,845
18. San Rafael, California
Population: 59,162
Average cost of a 4-bedroom, 2-bathroom house: $1,114,714
Median household income: $75,668
17. Westport, Connecticut
Population: 27,899
Average cost of a 4-bedroom, 2-bathroom house: $1,119,279
Median household income: $151,771
16. Danville, California
Population: 44,400
Average cost of a 4-bedroom, 2-bathroom house: $1,152,886
Median household income: $140,616
15. Santa Barbara, California
Population: 91,842
Average cost of a 4-bedroom, 2-bathroom house: $1,165,727
Median household income: $65,916
14. Honolulu, Hawaii
Population: 998,714
Average cost of a 4-bedroom, 2-bathroom house: $1,202,219
Median household income: $73,581
13. Wellesley, Massachusetts
Population: 29,000
Average cost of a 4-bedroom, 2-bathroom house: $1,294,684
Median household income: $159,615
12. Greenwich, Connecticut
Population: 62,695
Average cost of a 4-bedroom, 2-bathroom house: $1,349,048
Median household income: $135,258
11. San Mateo, California
Population: 103,536
Average cost of a 4-bedroom, 2-bathroom house: $1,425,200
Median household income: $90,087
10. Los Gatos, California
Population: 30,705
Average cost of a 4-bedroom, 2-bathroom house: $1,470,524
Median household income: $122,860
9. Sunnyvale, California
Population: 151,754
Average cost of a 4-bedroom, 2-bathroom house: $1,566,616
Median household income: $103,257
8. La Canada Flintridge, California
Population: 20,590
Average cost of a 4-bedroom, 2-bathroom house: $1,571,846
Median household income: $151,786
7. San Francisco
Population: 864,816
Average cost of a 4-bedroom, 2-bathroom house: $1,672,100
Median household income: $78,378
6. Carmel, California
Population: 3,722
Average cost of a 4-bedroom, 2-bathroom house: $1,722,500
Median household income: $62,460
5. Arcadia, California
Population: 58,408
Average cost of a 4-bedroom, 2-bathroom house: $1,748,680
Median household income: $80,147
4. Redwood City, California
Population: 85,288
Average cost of a 4-bedroom, 2-bathroom house: $1,807,068
Median household income: $81,955
3. Cupertino, California
Population: 60,572
Average cost of a 4-bedroom, 2-bathroom house: $1,812,833
Median household income: $134,872
2. Newport Beach, California
Population: 87,127
Average cost of a 4-bedroom, 2-bathroom house: $2,130,338
Median household income: $107,991
1. Saratoga, California
Population: 30,968
Average cost of a 4-bedroom, 2-bathroom house: $2,453,718
Median household income: $167,917
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